Job Purpose:
· Responsible for overseeing account approval, AML and compliance risk by monitoring the KYC and CDD, to ensure Private Banking account opening procedure meets Singapore regulatory requirement for high net worth individual clients.
· Develop AML control strategies to optimize account opening and underwriting opportunities to support business growth, while ensuring an appropriate balance between risk and return.
· Support management to formulate business plans and develop sales management reports and MIS to drive business growth.
· Provide general client service support to front office.
Job Responsibilities:
AML and Operation Control:
· Implement AML Policy and the relevant procedures and guideline.
· Supervise the conduct of AML control activities to ensure full compliance.
· Comply with anti-money laundering and counter terrorist financing controls in accordance with regulatory standards and CNCBI policies during account opening, account periodic / trigger review, and suspicious transaction reviews.
· to ensure new Private Banking clients meets Singapore regulatory requirement for high net worth individual clients.
· Support frontline and adhere to anti-money laundering and counter terrorist financing controls in accordance with regulatory standards and CNCBI policies.
· Ensure timely completion of all periodic and trigger reviews.
· Ensure adequate oversight is exercised over the conduct of AML control activities through review of MIS or other appropriate means.
· Ensure client due diligence & client suitability checks are in order, and to ensure accuracy of capture to avoid incidents and dealing errors.
· Support the front office on sales order processing/fulfillment and follow up with mid-office to ensure timely and accurate order processing
· Provide regular quality checking and phone call monitoring.
· To ensure all complaints are handled promptly, efficiently and effectively.
· Collaborate with front office other business units to ensure policies are in compliance.
Account Opening Approval:
· Review Private Banking clients' account opening documentation for adequacy and compliance with legal, regulatory and policy requirements.
· Ensure the completeness and validity of account-opening documents. Set-up of new accounts in the system and custody of the account-opening file for regular post-acceptance review upon account approval by PB management.
· To liaise with Relationship Managers (RM) and Assistant RMs in SG and/or in HK to complete the required account opening documentation; to provide advisory and guidance on documentation requirements where required.
· Ensure the completeness and validity of account-opening documents.
· To liaise with the colleagues in operation team to ensure accounts are opened in the systems timely.
· To ensure document deficiencies are accurately tracked and escalated per procedure.
· To review change in client's circumstances based on client's documents received.
· To clear system generated name screening alerts or perform manual screening.
Other Business Function:
· To support other teams where necessary on various activities e.g. such as signature verification, information retrieval, etc.
· To collaborate with Hong Kong and/or Singapore RMs and Assistants and other stake holders to deliver consistent best in class account opening experience to our clients.
· To proactively identify areas of improvement and suggest viable solutions.
· To participate in AML related projects as a content provider or a stakeholder.
· To perform management reporting and data analysis on key operational risk items.
· To ensure no repeat review findings by Compliance, Group Compliance, Internal or External Auditors.
· Assist and participate in projects ; liaise with different departments to ensure projects are completed on a timely manner.
· Comply with anti-money laundering / counter terrorist financing requirement and sanction risks controls in accordance with regulatory standards and CNCBI policies.
Job Requirements:
· Bachelor's degree in any Finance & Banking or equivalent fields.
· Minimum 10 years of relevant experience in banking in risk and operation management.
· At least 3 years of hands-on experience in the AML field (client onboarding review [including documentation], ongoing periodic client review, transactions monitoring) in a Private Bank.
· Familiar with the MAS 626 requirements or other international AML/CFT standards.
